Philippine Real Estate & Housing Sees Positive Outlook in 2018
Construction companies in the Philippines including contractors, architects, & engineers all have a lot to celebrate this coming 2018 as there is prospectively going to be bigger demand for housing spaces in the new year to come.
In early 2017, it was previously predicted that housing and real estate might stagnate throughout the entirety of the year. This is not without basis; housing prices rose within Metro Manila and in the provinces. Nationwide, there was an observed 0.3% rise in the 1st quarter of 2017 comparing to prices from 2016. Not only that, but the plausibility of this prediction was fueled more by the staggering 2.2% increase in the 3rd quarter of last year.
Despite the initial prediction earlier this year, a 4.6% decline can be enjoyed as of October by would be home & real estate buyers, and construction companies in the Philippines. This data was a year-on-year comparison. This decline in pricing is also across the board, spanning all types of housing outside of Metro Manila. Within National Capital Region, however, according to Bangko Sentral ng Pilipinas, condominium unit prices grew by 5.1% together with townhouses at 2.9%.
The offset in the rising prices of living space in NCR happened with the drop of single detached units in all provinces.
In April, 96.9% of housing loans made through PAG-ibig housing loans came from Calabarzon, Central Luzon, Central & Western Visayas, Davao, and Northern Mindanao. As of late, 75.3% of all these purchases are for new houses and 45.3% of these are for single detached units.
Not only does 2018 seem like a very good time for housing developers and construction companies in the Philippines, but more so for Filipinos looking to purchase housing, real estate, or a lot. Among the foreseen markets of the industry are Overseas Filipino Workers (OFWs) & millennials for housing, and start up entrepreneurs in the food industry (food parks) for commercial & undeveloped lots.
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In early 2017, it was previously predicted that housing and real estate might stagnate throughout the entirety of the year. This is not without basis; housing prices rose within Metro Manila and in the provinces. Nationwide, there was an observed 0.3% rise in the 1st quarter of 2017 comparing to prices from 2016. Not only that, but the plausibility of this prediction was fueled more by the staggering 2.2% increase in the 3rd quarter of last year.
Despite the initial prediction earlier this year, a 4.6% decline can be enjoyed as of October by would be home & real estate buyers, and construction companies in the Philippines. This data was a year-on-year comparison. This decline in pricing is also across the board, spanning all types of housing outside of Metro Manila. Within National Capital Region, however, according to Bangko Sentral ng Pilipinas, condominium unit prices grew by 5.1% together with townhouses at 2.9%.
The offset in the rising prices of living space in NCR happened with the drop of single detached units in all provinces.
In April, 96.9% of housing loans made through PAG-ibig housing loans came from Calabarzon, Central Luzon, Central & Western Visayas, Davao, and Northern Mindanao. As of late, 75.3% of all these purchases are for new houses and 45.3% of these are for single detached units.
Not only does 2018 seem like a very good time for housing developers and construction companies in the Philippines, but more so for Filipinos looking to purchase housing, real estate, or a lot. Among the foreseen markets of the industry are Overseas Filipino Workers (OFWs) & millennials for housing, and start up entrepreneurs in the food industry (food parks) for commercial & undeveloped lots.
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